1. South Korea’s Crypto News This Week

1.1 South Korea’s National Pension Service Denies Intent to Invest in Virtual Assets, Clarifies Automatic Index Purchases link

According to Money Today, the National Pension Service (NPS) of South Korea has addressed concerns regarding its holdings in stocks related to virtual assets, stating that the purchase of Coinbase and MicroStrategy shares was not motivated by an interest in virtual asset investments, but rather due to these companies’ inclusion in the benchmark index (MSCI). The National Pension Service currently holds 280,000 shares of Coinbase, valued at approximately 100.9 billion won, and 200 shares of MicroStrategy, valued at around 400 million won. Although the market has interpreted this as the NPS indirectly investing in virtual assets such as Bitcoin through the acquisition of these stocks, the NPS has refuted this claim, clearly asserting that Bitcoin and other virtual assets are not part of its investment strategy.

1.2 Kakao Executive Sues Company’s Blockchain Division GroundX After $7.6 Million Wallet Hack link

A senior executive of a subsidiary of South Korean internet giant Kakao is suing GroundX, Kakao’s blockchain division, for approximately 10 billion won (about 7.6 million USD). This legal action stems from a hacking incident involving the cryptocurrency wallet Klip, integrated into the Kakao Talk messaging application. The breach occurred in March 2022, when the executive’s Kakao Talk account was compromised, leading to the theft of cryptocurrency that was subsequently transferred to offshore exchanges. During the lawsuit, a spokesperson for Kakao stated that the company is currently undertaking an integration and optimization process for GroundX and lacks sufficient personnel to address the situation effectively.

1.3 Bithumb Considering Listing on Nasdaq link

South Korea’s second-largest cryptocurrency exchange, Bithumb, announced at its extraordinary shareholders’ meeting that it is considering a listing on the Nasdaq in the United States. Bithumb is currently pursuing an initial public offering (IPO) with the goal of going public in the second half of next year, with Samsung Securities serving as the lead underwriter. The exchange is exploring various listing possibilities both domestically and internationally. Additionally, Bithumb has approved a single proposal to rename its virtual asset exchange operating entity, Bithumb Korea, to simply Bithumb, aiming to enhance its visibility through the unification of its company and service names.

2. Japanese Cryptocurrency Review May Provide Opportunities for Tax Reduction and Dedicated ETFs link

Japan is set to commence a review of the nation’s cryptocurrency regulations, potentially leading to tax reductions for crypto enterprises and the introduction of new investment products such as cryptocurrency ETFs. The Financial Services Agency of Japan will assess the adequacy of the current regulatory approach under the Payment Services Act in the coming months, considering whether to incorporate cryptocurrencies into investment law. The industry is advocating for a reduction of digital asset capital gains tax to 20%.

3. TaiWan’s Crypto News This Week

3.1 Taiwan’s Financial Supervisory Commission Drafts New Anti-Money Laundering Regulations for Cryptocurrencies link

The Financial Supervisory Commission (FSC) of Taiwan has drafted new anti-money laundering (AML) regulations, mandating that virtual asset service providers (VASPs) complete AML compliance registration. Failure to do so may result in imprisonment for up to two years and fines of up to 5 million New Taiwan Dollars (approximately 155,900 USD). The new regulations will take effect on January 1, 2025, and VASPs must complete their registration by the end of September 2025.

3.2 Taiwan’s Financial Supervisory Commission Announces Opening of Foreign Virtual Asset ETF Investments for Professional Investors via Delegation link

The Financial Supervisory Commission (FSC) of Taiwan has announced the opening of a mechanism allowing professional investors to invest in foreign virtual asset ETFs through delegation. Professional investors include institutional investors, high-net-worth investment entities, high-asset clients, legal persons or funds categorized as professional investors, and individual investors classified as such. Except for professional institutional investors serving as delegators, all delegators must sign a risk disclosure document prior to their initial purchase for securities firms to accept their delegation.

4. Indian Enforcement Agency Uncovers $48 Million Cryptocurrency Scam Linked to Online Game Fiewin link

India’s law enforcement agency has uncovered a massive $48 million fraud scheme linked to the online gaming application Fiewin, involving Chinese nationals. Following an extensive investigation, approximately $3 million from accounts associated with these individuals has been frozen. The scam lured users with promises of quick profits while preventing them from withdrawing their funds. The investigation also involves Binance’s assistance, revealing a complex transfer of cryptocurrency to China.

5. Thailand’s Second Largest Bank, Kasikornbank, Plans to Launch the Country’s First Compliant Digital Asset Custody Service link

Kasikornbank (KBank), Thailand’s second-largest bank by assets, plans to launch orbitx Custodian, becoming the country’s first licensed digital asset custodian. Orbitx Custodian has received a digital asset custodian license from the Ministry of Finance and will be regulated by the Thai SEC. The license was granted on September 13, but the announcement was made two weeks later. The business is expected to commence operations in early 2025.

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6. Tether Assists U.S. Justice Department in Freezing Over 6 Million USDT from a Southeast Asia Project link

Stablecoin issuer Tether has assisted the U.S. Department of Justice in freezing over 6 million USDT related to a Southeast Asian project that scammed individuals by imitating legitimate platforms. In the past 12 months, Tether has collaborated with U.S. law enforcement on several cases, including the seizure of nearly 9 million USDT and approximately 5 million USDT, in efforts to combat “pig butchering” schemes.

7. HSBC Issues HK$1 Billion Digital Bonds Utilizing Orion DLT link

HSBC has issued its first HK$1 billion (one-year) digital note listed on the Hong Kong Stock Exchange through its HSBC Orion distributed ledger technology (DLT) platform. The note carries an interest rate of 3.6% and is operated by the Hong Kong Central Securities Depository (CSD) CMU as the platform operator, with a settlement window of two days. This also marks the first digital bond issued in Hong Kong based on UK law.

8. Japanese Listed Company Metaplanet Further Increases Bitcoin Holdings by 107.91 BTC link

On Tuesday, Japanese publicly listed company Metaplanet Inc. announced an additional purchase of Bitcoin valued at 1 billion yen, acquiring 107.913 bitcoins at an average purchase price of 9,266,724 yen (approximately $63,940). Following this acquisition, Metaplanet’s total Bitcoin holdings have reached 506.745 bitcoins, with a cumulative investment amounting to 4.75 billion yen and an average purchase price of 9,373,557 yen (approximately $64,677).

9. ZA Bank Approved for Virtual Asset Trading link

ZA Bank has received approval from the Hong Kong Securities and Futures Commission to add virtual asset trading under its Type 1 license, and the bank will actively prepare for related sandbox testing. Recently, ZA Bank announced that it became the first digital bank in Hong Kong to achieve profitability in a single month, and this approval underscores the sustainability of its digital banking operating model.

10. HBO to Release Documentary Attempting to Uncover the True Identity of Satoshi Nakamoto link

Documentary filmmaker Cullen Hoback and HBO have recently announced the upcoming release of the film “Money Electric: The Bitcoin Mystery,” hinting that the true identity of Bitcoin’s creator, Satoshi Nakamoto, may be revealed. The film is set to air on October 8 on HBO. However, the trailer does not provide sufficient information to disclose Nakamoto’s identity, and speculation regarding this revelation may merely serve as publicity for the film.

As of this writing, prediction websites suggest that the late prominent cypherpunk Len Sassaman, who tragically took his own life in 2011, is the most likely candidate to be revealed as the real Nakamoto in the HBO documentary airing this Tuesday. This is all contingent on whether HBO indeed unveils Nakamoto’s identity. While Politico reports that the documentary will confirm Nakamoto’s identity, HBO’s promotional materials do not explicitly make such a claim. Sassaman’s suicide may have been linked to the final message Nakamoto posted, which stated, “I have moved on to other things, and may not exist in the future.”

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